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BGŻ - decision of Rabobank and Ministry of Treasury on IPO
The Extraordinary General Meeting of Bank BGŻ ended yesterday, at which the main shareholders of the bank decided about the future of BGŻ. Rabobank, which is the majority shareholder of the bank (59%) and the Treasury with its 37% stake, decided to conduct an initial public offering of BGŻ on the Warsaw Stock Exchange. In accordance with the decision of the Extraordinary General Meeting, the initial public offering of BGŻ shares should take place not earlier than on May 1, 2011 and not later than on January 22, 2012.
Under the IPO preparation process the Extraordinary General Meeting of Bank BGŻ adopted a resolution on the increase of the number of Supervisory Board members. Until the General Meeting taking place after the first listing of the Bank’s shares on the Warsaw Stock Exchange the Board has eight members. In the course of the yesterday’s meeting the composition of the Board was extended by a representative of the Treasury, Mr Waldemar Maj, and a representative of Rabobank, Mr Hendrik Adams.
Waldemar Maj holds a PhD degree in physics (Institute of Physics at the Polish Academy of Sciences) and an MBA graduate from Harvard University (Harvard Business School). Mr Maj was the chairman of the IPO committee in the Supervisory Board of PZU, his responsibilities comprised preparation of the company for the listing, as well as supervision of the PZU shares sale transaction. His previous positions were, inter alia, Vice President for Finance at PKN Orlen S.A. and Vice-President of the bank BGŻ S.A.
Rabobank, holding 59% of shares in Bank Gospodarki Żywnościowej, is one of the world’s largest banks, having assets in excess of € 670 billion and the only one with the AAA rating (Moody’s, Standard & Poor’s). The Bank has been implementing a long-term strategy for Poland, of which BGŻ is an important element. The stability of the operational strategy of Rabobank, confirmed over the bank’s long history, is the best guarantor of long-term success of Bank Gospodarki Żywnościowej.
BGŻ is one of the leading commercial banks in the Polish market, specializing in the financing of agriculture, food economy and regional infrastructure.
Ministry of the Treasury hopes that the majority shareholding on the part of Rabobank as a guarantee for further development of BGŻ, as well as a unique opportunity to become a shareholder in one of the subsidiaries of Rabobank, will meet with a positive response of both domestic and foreign financial investors.
Modification date : 15.10.2010
Author : Ministry of Treasury
Statystyka strony: 858 wizyt
